In February, plug-in electric car sales in Europe increased by roughly 10% year-over-year, on par with the general market growth. It’s hard to expect quicker growth as the segment is affected by reduced incentives in multiple markets.
According to EV Volumes data, shared by researcher Jose Pontes, 202,542 new plug-in electric cars were registered in Europe in February. The market share amounted to roughly 20% (no change compared to February 2023).
The year 2024 should be better than 2023
In 2023, more than 3 million plug-in electric cars were sold in Europe (24% of the total market). It’s expected that in 2024, sales will increase at least slightly.
All-electric car registrations account for about 13% of the market, while plug-in hybrid registrations for about 7% of the market.
On top of that comes non-rechargeable hybrids with a solid 29% share and a 24% increase year-over-year. Some 42% of new cars sold in February in Europe were electrified (BEVs, PHEVs, and HEVs).
Plug-in car registrations in February (YOY change):
- BEVs: about *132,000 and 13% market share
- PHEVs: about *71,000 and 7% market share
- Total: 202,542 (up 10%) and 20% market share
* Estimated from the market share
During the first two months of the year, over 400,000 passenger plug-in electric cars have been registered in Europe, which is about 20% of the total market.
Plug-in car registrations in January-February (YOY change):
- BEVs: about *262,000 and 13% market share
- PHEVs: about *141,000 and 7% market share
- Total: 403,691 (up 18%) and 20% market share
* Estimated from the market share
For reference, in 2023, over 3 million passenger plug-in electric cars have been registered in Europe, 16% more than in 2022. The market share amounted to 24% (compared to 23% in 2022, 19% in 2021 and 11% in 2020).
The Tesla Model Y remains Europe’s best-selling plug-in model with almost 20,000 new registrations in February. The Tesla Model 3 is the best of the rest with over 8,000 units sold.
Several other models noted about 5,000 units, but the most interesting thing is that there is no Volkswagen ID.3 or ID.4 in the top 10 (they are 19th and 20th, respectively).
Results for the month:
- Tesla Model Y – 19,946
- Tesla Model 3 – 8,120
- Peugeot e-208 – 5,319
- Volvo XC40 – 5,034 (4,808 BEVs + 226 PHEVs)
- MG 4 – 4,990
- Skoda Enyaq iV – 4,270
- Volvo XC60 PHEV – 4,251
- Audi Q4 e-tron – 3,914
- Volvo EX30 – 3,675
- BMW i4 – 3,638
After the first two months of the year, the two Tesla models have a significant advantage over other plug-ins.
Results in January-February 2024:
- Tesla Model Y – 31,410
- Tesla Model 3 – 14,815
- Volvo XC40 – 9,585 (9,169 BEVs + 416 PHEVs)
- Skoda Enyaq iV – 9,124
- Audi Q4 e-tron – 8,895
- Peugeot e-208 – 8,594
- MG 4 – 8,391
- Volvo XC60 PHEV – 8,328
- BMW i4 – 7,127
- Ford Kuga PHEV – 6,565
Tesla is also the most popular brand in the plug-in car segment, slightly ahead of BMW and Mercedes-Benz.
In terms of automotive groups, the Volkswagen Group with 19.5% share is a lone leader, followed by Stellantis (12.2%) and Tesla (11.6%).
Top brands by share in the plug-in segment in January-February:
- Tesla – 11.6%
- BMW – 10.2%
- Mercedes-Benz – 8.7%
- Volvo – 8.1%
- Audi – 7.2%
- Volkswagen – 5.1%
Top automotive groups by share in the plug-in segment in January-February:
- Volkswagen Group – 19.5%
- Stellantis – 12.2%
- Tesla – 11.6%
- BMW Group – 10.9%
- Geely-Volvo – 9.9%
- Mercedes-Benz Group – 9.2%
